When the time feels right to retire, there are several ways to access your pension. You decide how you want to receive your money, with the first 25% normally being tax-free. Why have a pension? Here’s some reasons to pay into a pension: ...
A personal pension plan can be used to save for retirement if you’re self-employed, don’t work or want to set up an additional pension. Learn about personal pensions.
These quick and simple loans pay the taxman and ease the burden by allowing you to repay in instalments to suit your business situation. Say goodbye to penalties and surcharges. Say hello to financial security.What is VAT? VAT is a Value-Added Tax, like a sales tax. It is levied on ...
with the remainder taxed as income. Or, alternatively, you can take that tax-free 25% as a lump sum up front, and access the rest of your money gradually (taxed as income, of course) via an annuity or through flexi-access drawdown. “Indeed, many individuals take their pension commenceme...
(Add up your retirement income as two individuals first. Then combine your numbers as a grand total at the end. We do this because you’ll adjust for tax as individuals in step seven.) YourState Pension forecastreveals how much money you can expect to come your way courtesy of UK PLC....
See a good independent financial adviser.When you want to draw your pension, normally you have to buy an annuity.But if you want to take some income from your pension, you can take it via a drawdown facility, deferring buying the annuity until later.If your health is poor you should ...
Can you trimmore savingsfrom your lifestyle run-rate? Can you put more money into your pension to earn an additional employer match and a tax relief bump? Saving more is the surest driver of a better final result. Invest for longer ...
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You can buy certain guarantees and add-on “riders” for annuities, but they can be expensive. People buy annuities for several reasons. An annuity can provide a predictable income in retirement. It can protect your money from a market downturn. There’s also a tax advantage—investments withi...